Macy's, Inc.
Company Name | Macy's, Inc. |
Stock Symbol | December 13, 2024 |
On November 25, 2024, Macy’s disclosed that it would delay the release of its third quarter 2024 financial results and that it had “identified an issue related to delivery expenses in one of its accrual accounts.” Specifically, the Company disclosed an employee had "intentionally made erroneous accounting accrual entries to hide approximately $132 million to $154 million of cumulative delivery expenses from the fourth quarter of 2021 through fiscal quarter ended November 2, 2024.”
On this news, Macy’s stock price fell $0.36, or 2.2%, to close at $15.94 per share on November 25, 2024, thereby injuring investors.
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